Business | Technology

Google’s stock rides latest rally to new high

Shares of internet search leader peaked at $776.70

  • AP
  • Published: 16:59 February 2, 2013
  • Gulf News

San Francisco: Google’s stock climbed to a new high as Wall Street’s best known indexes also approached record territory.

The shares of the internet search leader peaked at $776.70 during the afternoon to eclipse the stock’s previous record of $774.38, which it reached in early October. It closed on Friday at $775.60, up $19.91, or 2.6 per cent for the session. The company, based in Mountain View, California, went public at $85 a share in August 2004.

The rise came as the Dow Jones industrial average closed above 14,000 on Friday for the first time since October 2007 — near the bellwether’s all-time high of 14,164. The broader Standard & Poor’s 500 index, which includes Google Inc, was up about 1 per cent and was also flirting with a record.

The stock market’s rising tide is not lifting all companies, though. For instance, the stock of Google rival Apple Inc is 36 per cent below the peak price it reached in September. Apple’s shares shed another $1.87 on Friday to close at $453.62.

Google’s stock has been on the upswing since the company reported fourth-quarter earnings 10 days ago. Google is still enjoying strong growth in internet advertising as it extends its reach to smartphones and tablet computers.

Gulf News
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